Global data from Capgemini last week showed the number of non-cash payments in Australia grew by 9.9 per cent in 2015, a quickening in the rate of growth after a 8.9 per cent expansion in the previous year. The consultancy’s director of banking and capital markets for Australia, Phil Gomm, said he believed the growth in digital payments would rise further towards 13 per cent by 2020, leading to a turning point in the amount of cash across the economy. Gomm, who consults with banks on issues covering payments and technology, predicted the number of bank notes would “flat-line” as digital payments took off further.
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